Ever-Glory´s sales for LA GO GO up by 79%

Chinese retailer and manufacturer Ever-Glory posted

retail sales from LA GO GO, its branded retail division, increased 79.1% to $22.6 million, compared to $12.6 million last year.
 
This increase was primarily due to the increase in new stores opened and same store sales. Ever-Glory had 484 LA GO GO stores as of March 31, 2012, compared to 305 LA GO GO stores at March 31, 2011. Currently, there are LA GO GO stores in more than 20 provinces in China.
 
Total sales for the quarter were $53.2 million, same as the first quarter of last year.
Wholesale sales generated from the Company's wholesale business decreased 24.5% to $30.7 million, compared to $40.6 million last year. This decrease was primarily attributable to decreased sales in the PRC, Germany, and the United States.

Gross profit in Every-Glory's retail business increased 79.1% to $6.0 million, compared to $3.3 million last year. Gross margin was unchanged from last year at 26.4%.
 
Gross profit in Every-Glory's wholesale business decreased 2.4% to $5.6 million compared to $5.8 million last year. Gross margin for the wholesale business increased to 18.4% compared to 14.2% last year. The increase was mainly due to decreased raw materials prices and outsourced manufacturing costs.
 
Total gross profit was $11.6 million, or 21.8% of total sales, compared to $9.1 million, or 17.1% of total sales, last year.